Reduce Homeowners Insurance Costs

5 Methods to lower your homeowners insurance costs.
The cost for your homeowners insurance can differ by hundreds of dollars, according to the homeowners insurance provider you buy your homeowners insurance plan from. Here are a few things to consider when choosing homeowners insurance.

Raise Your Deductible
Homeowners Insurance deductibles are the amount of money you have to pay toward a loss before your homeowners insurance company begins to pay a claim, based on the terms associated with your policy. The larger your deductible, the more cash you can save on your premiums. Nowadays, most homeowners insurance providers suggest a deductible of at least $500. If you can pay for to raise your deductible to $1,000, you might save as much as 25 %. Keep in mind, if you live inside a disaster-prone area, your homeowners insurance coverage could have a different deductible for certain types of damage. If you reside near the shoreline in the East, you may have a separate windstorm deductible; if you live in a state vulnerable to hail storms, you could have a separate deductible for hail; and if you live in an earthquake-prone area, your earthquake policy carries a deductible.

Don't mistake what you paid for your house with rebuilding costs
The land beneath your house isn't at risk from theft, windstorm, fire and the other perils covered in your homeowners insurance policy. So do not include its value in deciding how much homeowners insurance to purchase. If you do, you will pay a higher premium than you need to.

Purchase your homeowners insurance and auto insurance policies from the same insurance provider
Some companies that sell homeowners insurance, auto insurance and liability coverage will take 5 to 15 percent off your premium if you purchase 2 or more policies from them. But be certain this combined cost is less than purchasing the different coverages from different companies.

Another method to reduce homeowners insurance costs are to make your home more disaster resistant. Find out through your insurance agent or company representative exactly what steps you can take to make your home more resistant against windstorms and other natural disasters. You could be able to save on your homeowners insurance premiums by adding storm shutters, reinforcing your roof or acquiring stronger roofing materials. Older homes may be retrofitted to make them better suited to withstand earthquakes. Furthermore, consider modernizing your heating, plumbing and electrical systems to reduce the chance of fire and water damage.

Increase your home security
You can commonly get discounts of at least 5 percent for a smoke detector, burglar alarm or dead-bolt locks. Some companies offer to cut your homeowners insurance premium by as much as 15 or 20 percent if you install a sophisticated sprinkler system and a fire and burglar alarm that rings at the police, fire or other monitoring stations. These types of systems aren't cheap and not every system qualifies for a discount. Before you purchase this type of system, determine what kind your insurance provider recommends, how much the device would cost and how much you'd save on your homeowners insurance premiums.

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